Write It Off

I have a great accountant and always recommend to my clients to take advantage of their relationship with their accountant. If you don’t have one you feel comfortable with, I would consider finding a new one. One of the reasons I justify paying them (besides that I have no desire to do my taxes myself any more!), is that the tax codes change every year and it is their responsibility to stay current. With that being said, it can’t hurt to make sure they are looking at every potential deduction to save you as much money as possible.

If you are looking for a job, make sure you are deducting every possible expense associated with your job search. The only caveat is that it must be a job in the same field as your previous job or related. It can include child-care expenses, resume preparations, copies, transportation (subway and bus included), mailing, job coaching and phone calls. While the expenses are supposed to add up to 2% of your AGI, if child-care or elder-care is involved, you may be able to deduct more.

I don’t profess to know all the details, but I do know that I should ask my accountant about this! ~~~ Galia Gichon is an independent personal financial expert and founder of Down-to-Earth Finance.